Struggling steelmaker Bluescope has announced it has raised $338 million of the planned $600 million in its capital raising initiative, completing its institutional entitlement offer.

 

Institutional investors have purchased 87 per cent of shares, with $43 million being raised by private investors.

 

In a bid to reduce its ballooning debt, the company floated new shares, most of which have been bought by institutional investors.

 

The steelmaker will try to raise the remaining $262 million from next week as it moves to pay down its crippling debt, while aiming to strengthen its financial position.